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Author Topic: "Goldman Sachs Investigators Bolstered by New York’s Martin Act"  (Read 996 times)
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WhiskeyGirl
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« on: June 03, 2011, 10:06:51 PM »

What happened to 'follow the money'?  Why hasn't the DOJ done that?  All that money had to go some where.  IF taxpayers are the big TRILLION dollar losers, who are the winners?

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District Attorney Cyrus Vance Jr. subpoenaed Goldman Sachs, the fifth-biggest U.S. bank by assets, for records on its activities leading into the credit crisis, two people familiar with the matter said. Vance may bring charges under the state’s Martin Act, which lawyers call a potent tool for New York prosecutors probing investment frauds, Ponzi schemes and other white-collar crime.

To prove securities fraud in federal court, prosecutors must show that a defendant intended to defraud victims and that the investors relied on misstatements or omissions. Under the Martin Act, prosecutors aren’t required to prove intent, said Michael Perino, a law professor at St. John’s University in New York.


“The reason why New York prosecutors love it so much and Wall Street firms hate it so much is that it is a much, much easier case to bring,” Perino said in an interview. “All a prosecutor has to show under the Martin Act is a material misstatement in connection with a securities offering.”

Someone had to know all those mortgages were losers.  Didn't anyone look at financials?  Track/follow the investments?  And, who continued to sell?

read more here - http://www.bloomberg.com/news/2011-06-03/goldman-sachs-investigators-in-new-york-wield-laws-stronger-than-the-feds.html
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WhiskeyGirl
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« Reply #1 on: June 03, 2011, 10:10:41 PM »

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In both cases, prosecutors are seeking to learn more about facts unearthed by a U.S. Senate subcommittee report about Wall Street's role in the housing market collapse.

That report said Goldman off-loaded much of its subprime-mortgage exposure to unsuspecting clients in late 2006 and 2007 as the market was starting to tank.

In some cases, the bank dragged its heels when clients wanted to close out their losing positions, the report said.

read more here - http://www.edmontonjournal.com/business/Goldman+gets+subpoena/4885581/story.html

Exactly how did the financial system crash if they had off-loaded the subprime-mortgages?

Exactly why did US taxpayers have to shell out TRILLIONS?  AIG?  AIG pass through?  GM?

I think something really stinks here.
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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